Ford Otomotiv Sanayii AS, Ford Motor Company’s joint-venture in Turkey with Koc Holding, increased net profit 54% year on year in 2004 to €248 million, Dow Jones reported.
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Revenue increased 80% to 5.5 billion new lira in 2004 while operating profit was €267 million and pre-tax profit was €322 million under International Financial Reporting Standards, the news agency added.
The company reportedly attributed the strong performance to fast sales growth in the domestic market and high export figures helped by increased capacity at its Kocaeli facilities.
“We worked with 100% capacity utilisation and produced 206,704 vehicles in 2004,” Turgay Durak, general manager of Ford Otosan, told Dow Jones, adding: “These figures represent 80% increase in production and 87% rise in exports compared with 2003.”
